As normal, the development has been pretty slow. The only surprise was in GBP/USD. I had thought we’d move down towards 1.1800-1.1700 but instead it sprang back higher. Over the past week or two, I was wondering about the time schedules. The 1.1700 – 1.1800 area would have provoked a deeper pullback. However, I realized that we have already reached the daily [a]/[iii] and most likely the [b]/[iii]. Hence, we should start on the way down to the Wave [c]/[iii] which we know has been known for quite some time… However, the only risk is a limited pullback higher before the losses…
EUR/USD is looking to the downside. USD/CHF still needs gains.
USD/JPY… what a long, long sideways move… I still need to see losses in this pair. I have no idea of what catalyst will trigger losses – but that is still the same outlook. A bearish EUR/USD and USD/JPY is going to see losses in EUR/JPY…
As I mentioned yesterday, I am now looking for losses…